Just in case you missed our recent webinar presentation about “reimagining” the future of business, The 6 P’s of Marketing resonated with the attendees, so we are sharing it with you too. Given how much our country, and our world, has changed in the last several months, each and every organization—whether for-profit or non-profit—should be revisiting the 6 “P’s” of marketing related to each of its various product and service offerings to make sure previous decisions regarding your strategy still apply.
The 6 P’s of Marketing
So, just what are The 6 P’s of marketing? Different marketing experts may refer to or combine them differently, but ultimately, the following interrelated marketing mix of the broad “P” factors, and their associated features, comprise and define the factors at play:
Product (or service)
- Selling/actual price
- Payment options, including available credit terms
- Price matching
People (your internal team)
- Quality/level of service provided if providing a paid service
- Customer service level
- Appearance and professionalism of employees, including attitude
- Employee relatability/resonance with the population served
Population (those you serve)
- Business-to-consumer product or service—basic demographics of target audience, i.e., gender, age, household income, education level, parental status/children at home, home ownership, marital status, geography, and more
- Business-to-business product or service—target organization qualifications, such as size/# of employees, location, annual sales/income, and industry
- Refreshed value proposition and/or messaging
- Repositioning in the marketplace, differentiation among other organizations offering similar services or products
- Status of your product or service—low-end, mid-level, or high-end, based on quality, features, and/or pricing
- Advertising/media vehicles
- PR/publicity channels
- Sponsorships/memberships/event attendance
Pandemic/Post-Pandemic Marketing Questions to Consider
Here are some questions to consider as you work through the above list of P’s and their associated features:
1. Is it likely that my target audience’s income levels, and therefore, their price sensitivities, have shifted—whether they be consumers, donors or businesses?
If yes, does it make sense to offer a lower-cost version of my product or service?
2. Assuming you haven’t created new messaging for marketing materials and activities in the last few months in response to the pandemic, what, if anything, needs to change about content, slogans, language, etc. used in promotional activities, so as not too appear irrelevant, insensitive, or out-of-touch?
3. How have the ways my target audience gathers information changed? And, related to this, can my target audiences access the same channels of information they did pre-pandemic?
Transit (bus, subway, train, etc.) advertising is a good example of advertising and information-sharing that far fewer individuals have access to now—this may continue for many months.
4. Have target audiences adopted new technology for gathering or sharing information that I can now capitalize on?
As an example, webinars, online workshops, and virtual events, such as fundraisers, are now the norm in most homes and home offices. Whether your organization serves businesses or consumers, both are now accustomed to communicating via Zoom and other video chat services, as well as streaming live or recorded events. Given the aforementioned, one or more of the following may make sense for your organization:
- Development of a branded background (an art file) that you can employ on Zoom or other video chat platform.
- Creation of various branded presentations or presentation templates to be employed when your organization is the subject matter expert leading a webinar.
- Development and execution of a branded YouTube channel to house a series of branded videos, included recordings of webinars, that individuals can stream at their leisure.
5. Is your brand being appropriately represented at Each Point of Contact (EPOC)? In keeping with question #4 above, should you be considering:
Creation and execution of a branded marketing strategy for your sales or customer service teams who participate in video chats. For example, you may want your employees to dress a certain way or wear branded clothes, or have certain branded materials or other materials on display in their offices that reflect your brand, your experience, and your professionalism.
6. Are there vehicles/media that are now less costly, such as online advertising, or print?
Related to this, there may be pent-up demand for advertising on certain media vehicles, and media/advertising costs for those media vehicles will likely increase as a result.
The above are just a sampling of the types of questions that may arise as you reconsider your 6 P’s of Marketing. We are always here to take you and your team through the above exercise or to execute required tactics to respond to the current market. Please reach out if we can help.
Authors: Vicki Adjami, Communication via Design and Gail Snow Moraski, Results Communications and Research